Adobe will need EU okay to acquire Figma, regulators say
Summary
The move by the European Commission underlines regulators worries on Big Tech acquiring smaller innovative rivals and the impact on competition. The EU competition enforcer said Austria, Belgium, Bulgaria, Cyprus, Czechia, Denmark, Finland, France, Germany, Iceland, Ireland, Italy, Luxembourg, the Netherlands, Norway, and Sweden had asked it to review the deal. "The transaction threatens to significantly affect competition in the market for interactive product design and whiteboarding software, which is likely at least EEA (European Economic Area)-wide, and, therefore, in the referring countries," the Commission said. The deal will give Adobe ownership of a company whose web-based collaborative platform for designs and brainstorming is widely popular among tech firms including Zoom Video Communications (ZM.O), Airbnb Inc (ABNB.O) and Coinbase (COIN.O). "We look forward to working constructively with the European Commission to address its questions and bring the review to a timely close," a spokesperson for San Francisco, California-based Figma said.
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